SpaceX starts at $150, an 11% increase from its expected debut in history

SpaceX broke ground on its first day as a public company, immediately jumping to $150 a share after it began trading on the Nasdaq, roughly 11% higher than the $135 figure it formally priced its initial public offering on Thursday.

The stock’s pop is no surprise. The company’s IPO was four times oversubscribed, according to Bloomberg, meaning many institutional investors did not receive allocations and would likely buy shares on the open market.

Demand for SpaceX is also a function of its small float, with only about 4% of shares available for public trading, with investors and early employees holding the rest. SpaceX has also successfully lobbied a number of indices (such as the Nasdaq 100) to change their listing rules. The company will now join those indices within days, not months, increasing demand for SpaceX shares before institutions and other large funds automatically start buying.

The debut is also one of the biggest windfalls in the history of venture capital. Founders Fund, which has invested $600 million in the company and owns a 3% stake, has revenues of more than $50 billion at the IPO price of $135, according to Bloomberg. Meanwhile, Andreessen Horowitz’s stake is worth more than $10 billion, and Sequoia’s stake is valued at more than $20 billion.

Debuting at $150 likely made founder Elon Musk the world’s first trillionaire. The New York Times reported that about 4,400 current and former SpaceX employees will become millionaires, while about 400 will become millionaires.